Subjects funding for such programs generally to the same manner of distribution, administration, limitation, and availability for obligation, however, at one-half of the total amount, as funds authorized to be appropriated for such programs and activities out of the Highway Trust Fund for FY2011.

Subjects contract authority, however, between October 1, 2011, and March 31, 2012, for such programs to a specified pro rata limitation on obligations included in any Act making appropriations for FY2012 or a portion of that fiscal year. Waives this obligation limitation, though, for emergency relief and for the equity bonus program.

Extends the allocation of certain transportation program funds to: (1) states for specific programs, including the Interstate and National Highway System program, the Congestion Mitigation and Air Quality Improvement program, the highway safety improvement program, the Surface Transportation program, and the Highway Bridge program; and (2) the territories and Puerto Rico. Prohibits use of program funds for a high-speed MAGLEV system between Las Vegas, Nevada, and Anaheim, California.

(Sec. 112) Authorizes the appropriation of $196,427,625 from the Highway Trust Fund (other than the Mass Transit Account) for administrative expenses of the federal-aid highway program for the period from October 1, 2011, through March 31, 2012.

(Sec. 123) Extends, from October 1, 2011, through March 31, 2012, the funding for hazardous materials (hazmat) research projects.

Amends the Dingell-Johnson Sport Fish Restoration Act to continue for the same period the authorized distribution of funds under such Act for coastal wetlands, recreational boating safety, projects under the Clean Vessel Act of 19921, boating infrastructure projects, and the National Outreach and Communications Program.

Subtitle C: Public Transportation Programs - (Sec. 131) Extends, from October 1, 2011, through March 31, 2012, the allocation of capital investment grant funds for federal transit programs, including the metropolitan planning program and the state planning and research program.

(Sec. 132) Extends the special rule authority of the Secretary of Transportation (DOT) to award urbanized area formula grants to finance the operating cost of equipment and facilities for use in public transportation in an urbanized area with a population of at least 200,000.

(Sec. 136) Extends, from October 1, 2011, through March 31, 2012, the authorization appropriations from the HTF Mass Transit Account for: (1) formula and bus grant projects, including allocations for specified projects; (2) capital investment grants; (3) transit research, including allocations for transit cooperative research programs, the National Transit Institute, the university centers program, transportation projects to comply with the Americans with Disabilities Act of 1990, the National Technical Assistance Center for senior transportation, and national research programs; and (4) administration expenses.

(Sec. 137) Extends for the same period of time certain SAFETEA-LU programs, including: (1) the contracted paratransit pilot program, (2) the public-private partnership pilot program, (3) project authorizations for final design and construction and preliminary engineering of specified fixed guideway projects, and (4) the elderly individuals and individuals with disabilities pilot program.

Extends certain allocations for national research and technology programs.

Extends through FY2012 the requirement to credit or refund paid floor stocks taxes for unsold tires and taxable fuel.

Extends through March 31, 2012, the exemptions from excise taxes on: (1) certain sales, and (2) motor vehicles used by a state and local government.

Extends the transfer of certain highway excise taxes to the HTF.

Requires the Secretary of Treasury to transfer from the HTF to the Land and Water Conservation Fund amounts equivalent to motorboat fuel taxes collected before April 1, 2012.

Title II: Extension of Air Transportation Programs - Airport and Airway Extension Act of 2011, Part V - (Sec. 202) Extends through January 31, 2012, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund.

(Sec. 204) Extends through January 31, 2012: (1) the authorization of appropriations for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]), and (2) the authority of the Secretary of Transportation to make new AIP grants.

(Sec. 205) Extends until February 1, 2012: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants.

Authorizes appropriations to the Secretary through January 31, 2012, to make agreements to provide small community air service assistance to underserved airports.

Directs the Secretary to extend through January 31, 2012, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through April 30, 2012. Extends through April 30, 2012, the authority of the Secretary to limit air carrier liability for claims arising out of acts of terrorism.

Extends through January 31, 2012: (1) grant eligibility for airports located in the Marshall Islands, Micronesia, and Palau; (2) grants to state and local governments for land use compatibility AIPs; and (3) authority for approving an application of the Metropolitan Washington Airports Authority for an airport development grant or for permission to impose a passenger facility fee.

Amends the Vision 100 - Century of Aviation Reauthorization Act to extend through January 31, 2012: (1) the temporary increase to 95% of the federal government's share of certain AIP costs, (2) funding for airport development at Midway Island Airport, and (3) the effective period of final orders of the Secretary regarding the eligibility of small communities for essential air service subsidies.

(Sec. 206) Authorizes appropriations to the Federal Aviation Administration (FAA) for FY2011 and for the period from October 1, 2011, through January 31, 2012, for: (1) FAA operations, (2) air navigation facilities and equipment, and (3) civil aviation research, engineering, and development.

(Sec. 209) Authorizes appropriations out of the Airport and Airway Trust Fund for FY2011 and for the period from October 1, 2011, through January 31, 2012, for the essential air service program.